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Oh that sucks! Yeah so if you fell on hard times and had to sell your last place and blew threw the money then you don't qualify. Like I said earlier, this system isn't very fair.
Why not? Idea here is to give first time homeowners a shot at owning property, something heavily subsidized by city government (or rather taxpayers) to make happen.
If you owned something previously and things didn't work out, that may not be anyone's fault per se, but you did have your chance.
City also is likely trying to weed out those running game such as owning or having interest in a property, moving title around, then trying to obtain this "affordable" housing.
Oh that sucks! Yeah so if you fell on hard times and had to sell your last place and blew threw the money then you don't qualify. Like I said earlier, this system isn't very fair.
Why not? Idea here is to give first time homeowners a shot at owning property, something heavily subsidized by city government (or rather taxpayers) to make happen.
If you owned something previously and things didn't work out, that may not be anyone's fault per se, but you did have your chance.
City also is likely trying to weed out those running game such as owning or having interest in a property, moving title around, then trying to obtain this "affordable" housing.
I could understand it the property you owned previously was in one of their programs but anything else is none of their business.
So what you are saying is the people who had some success but later fell on hard times don't deserve a chance but the ones who haven't had success and may not be able to have success get the opportunity.
I wonder how many of the people who applied for these units have that 10% to put down. I bet you it's very, very few. I would rather have a system where you give them all your documentation and then they tell you which place you would qualify for and then you decide if you are interested. Once a year you could upgrade your situation. Then they could tell a lot of people straight out, "Listen you will never qualify for any of this". The problem as I see it is the people who are trying to game the system and that makes it a nightmare for the people who are honest about their situations.
I could understand it the property you owned previously was in one of their programs but anything else is none of their business.
So what you are saying is the people who had some success but later fell on hard times don't deserve a chance but the ones who haven't had success and may not be able to have success get the opportunity.
I wonder how many of the people who applied for these units have that 10% to put down. I bet you it's very, very few. I would rather have a system where you give them all your documentation and then they tell you which place you would qualify for and then you decide if you are interested. Once a year you could upgrade your situation. Then they could tell a lot of people straight out, "Listen you will never qualify for any of this". The problem as I see it is the people who are trying to game the system and that makes it a nightmare for the people who are honest about their situations.
I don't make the rules, just read and (hopefully) comprehend.
Good number of first time homebuyer schemes funded by taxpayer money generally tend to be just that; for those who have never owned anything previously. It's not what many would want, but a line has to be drawn somewhere. We're not talking about unlimited funding here, it is what it always is with government money; one group makes the cut, another doesn't.
Isn't like there are tons of these "affordable" condos per building. When there are only a handful (sometimes usually just a few) on offer, a decision has to be made somewhere about who will qualify.
A person (again) for whatever reason owned a property then lost it had their chance. There are others who struggle and save for ages and never even get to bat.
When people say someone lost their home due to "no fault of their own", it often isn't that cut and dry.
Yes, some do have stroke of bad luck (fire, hurricane, etc...), but in majority of instances various decisions made by homeowner directly lead to their unfortunate circumstances.
Stretching too far financially to buy a property including relying upon overly rosy future income projections. Pulling money out of property (second mortgage, home equity loans), not paying taxes, believing in schemes that are too good to be true, always being a soft touch for any or every member of their family in need...
Location: Read the Marketing Handbook, and Income a Guide.
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It’s not fair in that not everyone qualifies, but it’s not that type of lottery. This is not the PowerBall.
I will point out this is the rare lottery that has no lower income limit, that is pretty inclusive.
There was full disclosure from the second sentence in the notice about 10% down required. It is repeated in the table description of units with the price. The first time home owner statement is in all caps.
Those that have owned property have had an opportunity to gain wealth as a result of the property increase in value and whatever tax advantages. They can borrow against any equity. Also shelter against housing costs rising. This lottery is exclusively for first time homebuyers who have not had such opportunities. Other lotteries, both rental and purchase are exclusive in their ways.
This lottery is likely built on the availability of mortgages that first time home buyers can qualify for.
I didn't continue with my application because after I asked them questions, which they would not respond to, I proceeded to dig deep in the weeds and look at how they calculate the income numbers. Then I realized they would turn me down. I really don't think their process is fair for a lot of reasons. I think they have way too many loopholes which allows them to steer these apartments to who they want to put in there. There has to be a fairer way.
Durning the webinar they didn’t have the answers to basic questions people had, so this wouldn’t surprise me.
I will point out this is the rare lottery that has no lower income limit, that is pretty inclusive.
This lottery is likely built on the availability of mortgages that first time home buyers can qualify for.
Think about how absurd that is. You have NO lower income limit. How the hell are you supposed to pay the mortgage if you are making nothing? Home ownership isn't for people who can't afford to buy homes. If they were giving out free homes to people who had no or almost no income why would people work. There are some cold realities in life. One of them is that a lot of people will never earn enough to own a home. That doesn't mean they should qualify to be given one.
I'm sorry it didn't work out for you. Saying that I can never understand why you would apply if you knew you didn't have the down payment. That was pretty much stated right up front. I didn't continue with my application because after I asked them questions, which they would not respond to, I proceeded to dig deep in the weeds and look at how they calculate the income numbers. Then I realized they would turn me down. I really don't think their process is fair for a lot of reasons. I think they have way too many loopholes which allows them to steer these apartments to who they want to put in there. There has to be a fairer way.
For your records the listing stated 10% which was a little over $20,000. Not 30+. There’s your answer!
As I see this lottery now, were the income upper limits raised to reflect new AMIs?
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